IRS issues accounting-method change procedures for small businesses
Items included in closing inventory are considered to be from the opening inventory in the order of acquisition and from those acquired during the tax year. The FIFO (first-in first-out) method assumes the items you purchased or produced first are the first items you sold, consumed, or otherwise disposed of. The items in inventory at […]
Top Dividend Stocks for November 2023
Here are a few of the main points of comparison in the discussion of cash dividends vs. stock dividends. When the small stock dividend is declared, the market price of $5 per share is used to assign the value to the dividend as $250,000 (500,000 x 10% x $5). The common stock dividend distributable is […]
Publication 334 2022, Tax Guide for Small Business Internal Revenue Service
Given that businesses collect sales tax on behalf of the authorities, they don’t get to keep any of it, so it isn’t recorded as revenue. Since the business is collecting sales tax on behalf of tax authorities, the tax is not recorded as a part of the revenue. Sales tax is a percentage of a […]
MM What does MM stand for? The Free Dictionary
President Biden’s executive order on AI aims to establish the start of future regulation on the technology, including in the healthcare space. While Roman numerals are technically additive (MM is really 1,000 plus 1,000 or 2,000), MM is still a fairly common way of abbreviating millions, especially in certain industries like oil and gas. This […]
Why and how do you adjust the inventory account in the periodic method?
By adding the beginning inventory calculation to the total purchases and subtracting the final inventory, you can enter the values you obtained into this formula. It just depends on how you want to capture the data for your own internal and external reporting purposes. Feel free to reach back out if you still need with […]
7 2 Characteristics of preferred stock
These dividends accumulate and are made later when the company can afford it. Those payments must be made before anything can be paid to common stockholders. Shareholders collect a dividend payout at a fixed rate, which is set by the company. The dividend paid is typically calculated using the par value of the stock. Par […]